I, too, use the add 7/8" or 1", and diagonal line. I give a quick press over the seam but DO NOT press open. I cut the block to size while still folded by putting the corner of a ruler toward the point, and aligning precisely the 3-1/2 mark on the right side and left side and then cut. Thus, not having to cut twice (two sides, turning and cutting two sides). Then carefully press the seam to the side.
Yes, you will have "the ears" which you can lop off after pressing. I find that if I roll my hand rather push the rotary cutter, the block not will be distorted.